Due: 25 April 2016

Assignment No. 2 (Group Assignment)

1.

A project will produce an operating cash flow of $14,600 a year for 8 years. The initia
be $48,900. The net aftertax salvage value is estimated at $11,000 and will be receiv
What is the net present value of the project if the required rate of return is 12 percen

Basic Information
Fixed asset investment
Operating Cash Flow (OCF)
The project's life (Y)
After Tax Salvage
Required rate of return
TOTAL Projected Cash Flow
Year
Operating Cash Flow (OCF)
Salvage value
Net capital spending (NCS)
CFFA

NPV
IRR

$48,900
$14,600
8
$11,000
12%

-48,900
-48,900

28,070
26%

1
14,600.00

2
14,600.00

14,600

14,600

or 8 years. The initial fixed asset investment in the project will

00 and will be received during the last year of the project's life.
f return is 12 percent?

3
14,600.00

4
14,600.00

5
14,600.00

6
14,600.00

7
14,600.00

8
14,600.00
11,000.00

14,600

14,600

14,600

14,600

14,600

25,600

Due: 25 April 2016

Assignment No. 2 (Group Assignment)

2.

You are working on a bid to build two city parks a year for the next three years. T
over the 3-year project life. The equipment can be sold at the end of the project f
variable costs will be $168,000 per park. Your required rate of return is 15 percen
A.$72,500
B.$128,600
C.$154,300
D.$189,100
E.$217,600
Please show the entire calculations too!

Basic Information
AF (equipment)
Salvage value
NWC
The fixed costs FC
Variable costs VC
Rate of Return
Tax Rate

$180,000
$34,000
$20,000
$16,000
$168,000
15%
34%

Market value
Book Value
Dif
TAX
After Tax Salvage

$34,000
$34,000
$11,560
$22,440

Ao
1
2
3

Depreciation
60,000
60,000
60,000

TOTAL Projected Cash Flow

Year
Operating Cash Flow (OCF)
Changes in NWC
Capital Spending
CFFA Cash Flow from Assets

OCF

-20,000
-180,000
-200,000
27,905
-172,095
Annuity

OCF = NI + Dep
75,374 (=) NI + 60.000
NI=
15,374

Sales
TOTAL Annual Costs FC + VC
Depreciacin
Tax Rate (34%)
Net Income

?
352,000
60,000
?
15,374

NI = (Sales costs depreciation

Sales =
435,293.41

Price per Park

217,600

ssignment)

s a year for the next three years. This project requires the purchase of $180,000 of equipment that will be de
be sold at the end of the project for $34,000. You will also need $20,000 in net working capital for the durati
equired rate of return is 15 percent and your tax rate is 34 percent. What is the minimal amount you should b

Book value = initial cost accumulated depreciation

After-tax salvage = salvage T(salvage book value)

Accumulated
60,000
120,000
180,000

OCF
-75,374

Book Value
120,000
60,000
-

1
OCF

2
OCF

OCF

OCF
OCF
-75,374

3
OCF
20,000
22,440
"OCF"+ 42.440
OCF
-75,374

NI = (Sales costs depreciation)(1 T)

15,374 = (Sales 352,000 60,000)(1 - .34)
15,374 = Sales(.66) (412,000)(.66)
15,374 = Sales(.66) - 271,920
Sales =287,294 / .66 = 435,293

NI = (Sales costs depreciation)(1 T)

15,374 = (Sales 352,000 60,000)(1 - .34)
15,374 = Sales(.66) (412,000)(.66)
15,374 = Sales(.66) - 271,920
Sales =287,294 / .66 = 435,293

NI = (Sales costs depreciation)(1 T)

DETERMINACIN DE PRECIO DE LICITACIN

,000 of equipment that will be depreciated using straight-line depreciation to a zero book value
net working capital for the duration of the project. The fixed costs will be $16,000 a year and the
the minimal amount you should bid per park? (Round your answer to the nearest $100)

accumulated depreciation
age T(salvage book value)

E LICITACIN

o a zero book value

6,000 a year and the
arest $100)

Due: 25 April 2016

Assignment No. 2 (Group Assignment)

3.

Precision Tool is analyzing two machines to determine which one it should purcha
value over the life of its equipment. Machine A has a cost of $892,000, annual op
$19,500, and has a 5-year life. Whichever machine is purchased will be replaced
annual cost by approximately _______ as compared to the other machine.
A.A; $16,965.
B.A; $17,404
C.B; $16,965
D.B; $17,404
E.B; $17,521
Please show your calculations.

Precision Tool
Rate of Return
Basic Information MACHINE A
COST
Annual operating costs
Year life (Y)
Depreciation

15%

$892,000
-$26,300
4
$223,000

TOTAL Projected Cash Flow

Year
Operating Cash Flow (OCF)
Net capital spending (NCS)
CFFA

-892,000
-892,000

PV OCF
EAC

-967,086
-338,737

Reduced Costs

16,965

1
-26,300
-26,300
-22,870

gnment)

REPLACEMENT PROBLEM / E

e which one it should purchase. The company requires a 15 percent rate of return and uses straight-line depr
cost of $892,000, annual operating costs of $26,300, and a 4-year life. Machine B costs $1,127,000, has ann
purchased will be replaced at the end of its useful life. Precision Tool should purchase Machine _____ because
the other machine.

Basic Information MACHINE B

COST
Annual operating costs
Year life (Y)
Depreciation

-26,300

-26,300

-26,300

-26,300
-19,887

-26,300
-17,293

-26,300
-15,037

TOTAL Projected Cash Flow

Year
Operating Cash Flow (OCF)
Net capital spending (NCS)
CFFA
PV OCF
EAC

PROBLEM / Equivalent Annual Costs

ses straight-line depreciation to a zero book

$1,127,000, has annual operating costs of
Machine _____ because it lowers the firm's

$1,127,000
-$19,500
5
$225,400

0
(1,127,000)
(1,127,000)
(1,192,367)
(355,702)

1
(19,500)

2
(19,500)

3
(19,500)

4
(19,500)

(19,500)
(16,957)

(19,500)
(14,745)

(19,500)
(12,822)

(19,500)
(11,149)

5
(19,500)
(19,500)
(9,695)

Due: 25 April 2016

Assignment No. 2 (Group Assignment)

4.

In an effort to capture the large jet market, Hiro Airplanes invested $12.68 billion
even when 246 B490s were sold. Assume the break-even sales figure given is the
this investment?
A.47.17
B.52.48
C.59.09
D.63.10
E.68.40
Please show your calculations
Investment
Capacity
Price
OCF Break-even ()
Sales
Sales (Years)
ROI
Cash Break-Even
Financiero Break-Even

12,680,000,000,000
800
275,000,000
246
67,650,000,000
9
19%
OCF = 0
NPV = 0

TOTAL Projected Cash Flow

Year
Operating Cash Flow (OCF)
Net capital spending (NCS)
CFFA

0
(12,680,000,000,000)
(12,680,000,000,000)
Annuity

Cash Flow per UNIT

Financial Break - Even

51,544,715,447

59.09

gnment)

anes invested $12.68 billion developing its B490, which is capable of carrying 800 passengers. The plane has
ven sales figure given is the cash flow break-even. Suppose the sales of the B490 last for only 9 years. How m

Qc
Qf

246
?

1
OCF

2
OCF

3
OCF

OCF
(3,045,637,124,907)

OCF
(3,045,637,124,907)

OCF
(3,045,637,124,907)

g 800 passengers. The plane has a list price of $275 million. In discussing the plane, Hiro Airplanes stated th
B490 last for only 9 years. How many airplanes must Hiro Airplanes sell per year to provide its shareholders

4
OCF

5
OCF

6
OCF

OCF
(3,045,637,124,907)

OCF
(3,045,637,124,907)

OCF
(3,045,637,124,907)

he plane, Hiro Airplanes stated that the company would breakr year to provide its shareholders a 19 percent rate of return on

7
OCF

8
OCF

9
OCF

OCF
(3,045,637,124,907)

OCF
(3,045,637,124,907)

OCF
(3,045,637,124,907)

Due: 25 April 2016

Assignment No. 2 (Group Assignment)

5.

You are considering a new product launch. The project will cost $630,000, have a
be $24,000, variable cost per unit will be $12,000, and fixed costs will be $283,00
variable cost, and fixed cost projections given here are probably accurate to withi
A.$3,417,907
B.$2,654,241
C.$888,618
D.$3,102,134
E.$3,458,020
Basic Information
Project Cost
Salvage value
Depreciation
(Q) Units (per year)
Year life (Y)
Price per Unit P
Variable Cost VC
Fixed Costs FC
Rate of Return
Tax Rate
Income Statement
Sales
Variable Costs
Gross profit
Fixed costs
Depreciation
EBIT / UAII
Taxes (34%)
Net Income
TOTAL Cash Flow BASE CASE
Year
Operating Cash Flow (OCF)
Net capital spending (NCS)
CFFA

NPV1
TOTAL Cash Flow WORST CASE
Year
Operating Cash Flow (OCF)
Net capital spending (NCS)

$630,000
$0
$126,000
160
5
$24,000
$12,000
$283,000
11%
34%
Base CASE
3,840,000
1,920,000
1,920,000
283,000
126,000
1,511,000
513,740
997,260

0
(630,000)
(630,000)

3,521,453
0
(630,000)

CFFA

NPV2

(630,000)

2,654,241

ignment)

ect will cost $630,000, have a 5-year life, and have no salvage value; depreciation is straight-line to zero. Sa
and fixed costs will be $283,000 per year. The required return is 11 percent and the relevant tax rate is 34 p
are probably accurate to within 9 percent. What is the worst case NPV?

Projections
$630,000
$0
$126,000
145.6 (-)
5
$24,000
$13,080 (+)
$308,470 (+)
11%
34%
Projections

9%

3,494,400
1,904,448
1,589,952
308,470
126,000
1,155,482
392,864
762,618

1
1,123,260

2
1,123,260

3
1,123,260

4
1,123,260

5
1,123,260

1,123,260

1,123,260

1,123,260

1,123,260

1,123,260

1
888,618

2
888,618

3
888,618

4
888,618

5
888,618

888,618

888,618

888,618

888,618

888,618

raight-line to zero. Sales are projected at 160 units per year, price per unit will
evant tax rate is 34 percent. Based on your experience, you think the unit sales,

Due: 25 April 2016

Assignment No. 2 (Group Assignment)

6.

The Bike Shop paid $2,310 in interest and $1,850 in dividends last year. The time
value of the cash coverage ratio?
A.1.67
B.1.80
C.2.21
D.2.40
E.2.52
Please show your calculations.

Interest =
Dividends =
TIE =
Depreciation =

Cash Coverage Ratio

$2,310
$1,850
2.2
$460

2.40

La cuenta de intereses se cubri 2,40 veces contando con la depreciacin, se trata

up Assignment)

d $1,850 in dividends last year. The times interest earned ratio is 2.2 and the depreciation expense is $460. W

Times

s contando con la depreciacin, se trata de una medida bsica para generar efectivo

on expense is $460. What is the

RATIO
Liquidity Ratios

NUMERIC RATIOS
2015
GOOGLE YAHOO

Current Ratio = CA / CL (times)

4.67

5.88

Cash Ratio = Cash / CL (times)

Long-term Solvency Ratios
Total Debt Ratio = (TA TE) / TA (times)

3.78

4.59

0.18

0.36

Debt/Equity = TD / TE (times)
Equity Multiplier = TA / TE = 1 + D/E (times)
Long-term debt ratio = LTD / (LTD + TE) (times)
Coverage Ratios

0.04
1.23
0.02

0.05
1.56
0.04

Times Interest Earned = EBIT / Interest

5.95

53.84

2.66

2.39

137.08

152.64

3.82

-1.03

Profit Margin = Net Income / Sales

22%

-88%

Return on Assets (ROA) = Net Income / Total Assets

0.83

0.90

Return on Equity (ROE) = Net Income / Total Equity

14%

-15%

Receivables Ratios
Receivables Turnover = Sales / Accounts Receivable
Days Sales in Receivables = 365 / Receivables Turnover
Total Asset Turnover
Total Asset Turnover = Sales / Total Assets
Profitability Measures

RTA: Si bien laz razones de liquidez, solvencia a largo plazo, cuentas por cobrar son equipa
gran diferencia en las razones de utilidad en especial en el ao 2015 Yahoo tiene 88 centav
utilidad por cada dolar en ventas. En general Yahoo viene con variaciones negativas en sus
negativas.
Google Finance Summary Information:

Company name

Price

YHOO
GOOGL

Change

37.48

-0.19

737.77

-42.23

Key stats and ratios 2015

Google

Yahoo

Net profit margin

21.80%

-95.30%

Operating margin

25.82%

-95.58%

EBITD margin

32.57%

9.56%

Return on average assets

11.82%

-8.86%

Return on average equity

14.12%

-12.86%

Employees

CDP Score

99 A

98 B

NUMERIC RATIOS CALCULATIONS

2014
2013
2012
GOOGLE YAHOO GOOGLE YAHOO GOOGLE YAHOO
4.69

2.09

4.58

3.75

4.22

4.38

3.84

1.77

3.69

2.54

3.35

3.24

0.20

0.37

0.21

0.22

0.24

0.15

0.05
1.24
0.03

0.03
1.59
0.03

0.06
1.27
0.02

0.09
1.29
0.08

0.08
1.31
0.04

4.74

2.60

5.80

4.13

2.61

3.56

2.52

139.99

102.61

3.82

ANUAL VARIATION
2014

2015

GOOGLE YAHOO GOOGLE

0.0%
3.8%
0.1%
-0.1%
2.8%
0.1%

0.00
1.17
0.00

0.0%
0.0%
0.0%
0.0%

0.0%
0.0%
0.0%
0.0%

0.0%
0.0%
0.0%
0.0%

4.96

2.69

1.2%

51.2%

-1.1%

3.47

2.68

3.08

144.59

105.23

136.17

118.62

0.1%
-2.9%

-1.2%
50.0%

0.1%
-4.6%

0.44

3.49

7.39

3.18

0.96

0.0%

-1.5%

0.3%

21%

163%

23%

29%

23%

79%

0.82

0.72

0.80

2.16

0.74

0.76

14%

19%

15%

10%

15%

27%

0.0%
0.0%
0.0%

-2.5%
0.2%
-34.4%

0.0%
0.0%
-1.0%

ntas por cobrar son equiparables o semejantes para las 2 compaias entre el ao 2012 y 2015, se s
2015 Yahoo tiene 88 centavos de perdida por cada dolar en ventas, miestras que Google genera 22
riaciones negativas en sus razones de ganancia desde el ao 2013 siendo el ao 2014 el de mayore

Chg %

Mkt Cap

-0.50% 35.31B
-5.41% 474.12B

NUAL VARIATION
2014

2013

YAHOO GOOGLE YAHOO

-1.7%
0.4%
-0.6%
-0.8%
0.3%
-0.7%
0.2%
-0.1%
0.3%
0.0%

0.0%
0.0%
0.0%
0.0%

0.1%
0.1%
0.1%
0.1%

-1.5%

0.8%

1.4%

0.1%
-2.6%

-0.2%
8.4%

0.4%
-13.4%

-7.0%

0.3%

6.4%

1.3%
-1.4%
9.0%

0.0%
0.1%
-0.4%

-0.5%
1.4%
-16.6%

o 2012 y 2015, se se denota una

e Google genera 22 centavos de
o 2014 el de mayores variaciones

Google

In Millions of USD (except for per share items)

2015
GOOGLE

Cash & Equivalents

Short Term Investments
Cash and Short Term Investments
Accounts Receivable - Trade, Net
Receivables - Other
Total Receivables, Net
Total Inventory
Prepaid Expenses
Other Current Assets, Total
Total Current Assets
Property/Plant/Equipment, Total - Gross
Accumulated Depreciation, Total
Goodwill, Net
Intangibles, Net
Long Term Investments
Other Long Term Assets, Total
Total Assets
Accounts Payable
Accrued Expenses
Notes Payable/Short Term Debt

9,169.00
56,517.00
73,066.00
11,556.00
13,909.00
2,511.00
628.00
90,114
40,146.00
-11,130.00
15,869.00
3,847.00
5,183.00
3,432.00
147,461.00
1,931.00
8,293.00
2,000.00

Current Port. of LT Debt/Capital Leases

Other Current liabilities, Total
Total Current Liabilities
Long Term Debt
Capital Lease Obligations
Total Long Term Debt
Total Debt
Deferred Income Tax
Minority Interest
Other Liabilities, Total
Total Liabilities
Redeemable Preferred Stock, Total
Preferred Stock - Non Redeemable, Net
Common Stock, Total
Additional Paid-In Capital
Retained Earnings (Accumulated Deficit)
Treasury Stock - Common
Other Equity, Total
Total Equity
Total Liabilities & Shareholders' Equity
Shares Outs - Common Stock Primary Issue
Total Common Shares Outstanding

1,225.00
5,861.00
19,310
1,995.00
0.00
1,995.00
5,220.00
189.00
5,636.00
27,130.00
0.69
32,981.31
89,223.00
-1,788.00
120,331.00
147,461.00
687.35

Google

Yahoo

In Millions of USD (except for per share items)

2015
GOOGLE

Revenue
Other Revenue, Total
Total Revenue
Cost of Revenue, Total
Gross Profit
Selling/General/Admin. Expenses, Total
Research & Development
Depreciation/Amortization
Interest Expense(Income) - Net Operating
Unusual Expense (Income)
Other Operating Expenses, Total
Total Operating Expense
Operating Income
Interest Income(Expense), Net Non-Operating
Gain (Loss) on Sale of Assets
Other, Net
Income Before Tax
Income After Tax
Minority Interest

74,989.00
74,989.00
28,164
46,825.00
15,183.00
12,282.00
55,629
19,360.00
0
256
19,651
16,348.00
-

Equity In Affiliates
Net Income Before Extra. Items
Accounting Change
Discontinued Operations
Extraordinary Item
Net Income
Preferred Dividends
Income Available to Common Excl. Extra Items
Income Available to Common Incl. Extra Items
Basic Weighted Average Shares
Basic EPS Excluding Extraordinary Items
Basic EPS Including Extraordinary Items
Dilution Adjustment
Diluted Weighted Average Shares
Diluted EPS Excluding Extraordinary Items
Diluted EPS Including Extraordinary Items
Dividends per Share - Common Stock Primary Issue
Gross Dividends - Common Stock
Net Income after Stock Based Comp. Expense
Basic EPS after Stock Based Comp. Expense
Diluted EPS after Stock Based Comp. Expense
Depreciation, Supplemental
Total Special Items
Normalized Income Before Taxes
Effect of Special Items on Income Taxes
Income Taxes Ex. Impact of Special Items
Normalized Income After Taxes
Normalized Income Avail to Common
Basic Normalized EPS
Diluted Normalized EPS

16,348.00
16,348.00
15,826
15,826.00
0
693
23
0
22.84

BALANCE
Yahoo

2015

2014
YAHOO

1,631.91
4,225.11
5,857.02
1,047.50
1,435.70
87.84
126.75
4,265.56
-2,718.24
808.11
347.27
34,734.16
259.78
45,203.97
208.69
684.80
0.00

GOOGLE

8,484.00
46,048.00
64,395.00
9,383.00
10,849.00
2,560.00
852.00
$7,507 78,656.00
32,746.00
-8,863.00
15,599.00
4,607.00
3,079.00
3,363.00
129,187.00
1,715.00
7,473.00
2,000.00

2013
YAHOO

2,664.10
5,327.41
7,991.51
1,032.70
1,129.87
132.31
190.73
9,444.42
3,905.65
-2,417.96
5,152.57
470.84
44,670.61
481.21
61,707.34
238.02
660.09
0.00

GOOGLE

8,989.00
39,819.00
58,717.00
8,882.00
9,390.00
3,021.00
1,758.00
72,886.00
23,837.00
-7,313.00
11,492.00
6,066.00
1,976.00
1,976.00
110,920.00
2,453.00
6,253.00
0.00

383.89
1,233.48
118.69
1,352.17
1,352.17
13,467.19
35.88
27.80
16,160.43
0.96
8,807.27
4,570.81
-911.53
-342.99
29,043.54
45,203.97
945.85

9.00
5,582.00
$1,277 16,779.00
2,992.00
236.00
3,228.00
5,237.00
758.00
4,562.00
25,327.00
0.68
28,766.32
75,066.00
-394.00
103,860.00
129,187.00
680.17

3,616.87
4,514.98
1,170.42
143.09
1,313.52
1,313.52
17,072.47
43.76
20.77
22,965.50
0.94
8,499.48
8,934.24
-712.46
-67.19
38,741.84
61,707.34
936.84

INCOME STATEMENT

3,009.00
4,193.00
15,908.00
1,990.00
246.00
2,236.00
5,245.00
1,947.00
3,520.00
23,611.00
0.00
0.67
25,921.33
61,262.00
75.00
87,309.00
110,920.00
672.59

2015

2014

2014

2013

YAHOO

GOOGLE

YAHOO

GOOGLE

4,968.30
-

66,001.00
-

4,968.30
$2,078
2,890.55
1,768.52
1,177.92
79.04 4,613.56
$9,717
-4,748.49
0
-$16
-$4,824
-4,734.68
-7.97 -

4,618.13
-

66,001.00
$25,313
40,688.00
13,982.00
9,832.00
378
$49,505
16,496.00
0
$178
$17,259
13,620.00

55,519.00
-

4,618.13
$1,298
3,319.82
1,809.01
1,207.15
66.75 93.97 $4,475
142.94
10,319.44
$93
$10,512
6,474.28
-10.41 -

55,519.00
$21,993
33,526.00
10,986.00
7,137.00

$40,116
15,403.00
-57
$252
$15,899
13,160.00

$384 -4,359.08
-4,359.08
-$4,359
-4,359.08
0
$939
-$5
-1.45

13,620.00
14,136.00
$13,620
14,136.00
0$687
$20
020.26

$1,058 7,521.73
7,521.73
$7,522
7,521.66
-

13,160.00

12,733.00
$13,160
12,733.00

0
$737
$18

$1,004
$7
-

0
1.22

17.92

2013

2012
YAHOO

2,077.59
1,330.30
3,407.89
979.56
1,016.96
103.10
497.90
5,025.86
3,612.10
-2,123.58
4,679.65
417.81
5,040.92
152.20
16,804.96
138.03
572.20
0.00

GOOGLE

6,712.00
33,310.00
48,088.00
7,885.00
8,585.00
505.00
2,132.00
1,144.00
60,454.00
17,697.00
-5,843.00
10,537.00
7,473.00
1,469.00
2,011.00
93,798.00
2,012.00
5,497.00
0.00

YAHOO

2,667.78
1,516.17
4,183.95
1,008.45
1,050.20
74.27
344.30
5,652.71
3,951.22
-2,265.38
3,826.75
153.97
5,522.06
261.91
17,103.25
184.83
767.17
0.00

630.08
1,340.31
1,110.59
44.00
1,154.59
1,154.59
847.96
55.69
331.51
3,730.05
1.01
8,688.30
4,267.43
-200.23
1.41
13,074.91
16,804.96
1,014.34

2,549.00
4,279.00
14,337.00
2,988.00
2,988.00
5,537.00
1,872.00
2,886.00
22,083.00
0.00
0.33
22,834.67
48,342.00
-66.00
71,715.00
93,798.00
659.96

338.23
1,290.23
37.00
37.00
37.00
675.27
45.40
495.15
2,543.05
1.19
9,563.35
5,792.46
-1,368.04
14,560.20
17,103.25
1,115.23

2013

2012

2012

YAHOO

GOOGLE

YAHOO

4,680.38
-

46,039.00
-

4,680.38
$1,349
3,331.00
1,700.38
1,008.49
44.84 -12.63 $4,090
589.93
0
$0
$633
479.89
-10.29 -

4,986.57
-

46,039.00
$17,176
28,863.00
8,946.00
6,083.00

4,986.57
$1,621
3,366.00
1,641.82
885.82
35.82
236.17
-

$32,205
13,834.00

$4,420
566.37
-

188
$592
$14,469
11,553.00

4,603.32
$3
$5,214
3,274.16
-5.12

$897 1,366.28
1,366.28
$1,366
1,366.25
-

11,553.00
10,737.00
$11,553
10,737.00

-4.92
$1,203
$3
-

0
-

1.27

$3,945
3,945.42
-

3,945.48

0
$665
$17

$1,071
$1
-

$676
3,945.48

0
-

17.16

RATIO

Liquidity Ratios
Current Ratio = CA / CL
Cash Ratio = Cash / CL

Long-term Solvency Ratios

Total Debt Ratio = (TA TE) / TA
Debt/Equity = TD / TE
Equity Multiplier = TA / TE = 1 + D/E
Long-term debt ratio = LTD / (LTD + TE)

Coverage Ratios
Times Interest Earned = EBIT / Interest

Receivables Ratios
Receivables Turnover = Sales / Accounts Receivable
Days Sales in Receivables = 365 / Receivables Turnover

Total Asset Turnover

Total Asset Turnover = Sales / Total Assets

Profitability Measures
Profit Margin = Net Income / Sales
Return on Assets (ROA) = Net Income / Total Assets
Return on Equity (ROE) = Net Income / Total Equity

Market Value Measures

NUMERIC RATIOS CALCULATIONS

2015

2014

2013

2012

GOOGLE YAHOO GOOGLE YAHOO GOOGLE YAHOO GOOGLE YAHOO

4.67
5.88
4.69
2.09
4.58
3.75
4.22
4.38
3.78
4.59
3.84
1.77
3.69
2.54
3.35
3.24
0.18
0.04
1.23
0.02

0.36
0.05
1.56
0.04

0.20
0.05
1.24
0.03

0.37
0.03
1.59
0.03

0.21
0.06
1.27
0.02

0.22
0.09
1.29
0.08

0.24
0.08
1.31
0.04

0.15
0.00
1.17
0.00

5.95

53.84

4.74

2.60

5.80

4.13

4.96

2.69

2.66
137.08

2.39
152.64

2.61
139.99

3.56
102.61

2.52
144.59

3.47
105.23

2.68
136.17

3.08
118.62

3.82

-1.03

3.82

0.44

3.49

7.39

3.18

0.96

0.22
0.83
14%

-0.88
0.90
-15%

0.21
0.82
14%

1.63
0.72
19%

0.23
0.80
15%

0.29
2.16
10%

0.23
0.74
15%

0.79
0.76
27%

ANUAL VARIATION

2015

2014

GOOGLE YAHOO GOOGLE

-0.02%
3.79%
0.11%
-0.05%
2.82%
0.15%

YAHOO
-1.66%
-0.77%

2013
GOOGLE YAHOO
0.37%
-0.63%
0.34%
-0.70%

-0.01%
-0.01%
-0.02%
-0.01%

-0.01%
0.01%
-0.04%
0.01%

-0.02%
-0.01%
-0.03%
0.01%

0.15%
-0.05%
0.31%
-0.05%

-0.02%
-0.02%
-0.04%
-0.02%

0.07%
0.09%
0.11%
0.08%

1.21%

51.24%

-1.06%

-1.53%

0.84%

1.44%

0.06%
-2.90%

-1.17%
50.03%

0.08%
-4.60%

0.09%
-2.62%

-0.16%
8.42%

0.39%
-13.39%

-0.01%

-1.47%

0.33%

-6.95%

0.31%

6.43%

0.00%
0.01%
-0.02%

-2.51%
0.19%
-34.42%

-0.02%
0.02%
-0.97%

1.34%
-1.44%
8.97%

0.00%
0.06%
-0.39%

-0.50%
1.40%
-16.65%